Oil and Gas News: 08/22/11

Monday, August 22, 2011

Oil & Gas Post - All News Report for Monday, August 22, 2011

Monday, August 22, 2011

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Commodity Corner: Brent Falls on Libyan Woes

- Commodity Corner: Brent Falls on Libyan Woes

Monday, August 22, 2011
Rigzone Staff
by Saaniya Bangee

With Libya's six-month conflict nearing an end, crude futures rose 2.3 percent Monday. On Monday, Libyan rebels announced they had taken control of a majority of the country's capital, advancing in efforts to oust leader Moammar Gadhafi.

Light, sweet crude for September delivery gained $1.86 to settle at $84.12 a barrel. Priced traded as low as $81.13 a barrel, after an earlier intraday peak of $84.67. The front-month contract expired at the end of the floor trading session.

Brent, which serves as a barometer for international oil, fell 36 cents on expectations that Libyan oil exports could resume fairly soon. Prior to the civil war, Libya exported 1.3 million barrels a day of high-quality oil. Supply disruptions in Libya and the North Sea have pushed Brent futures past the $100-mark this year. Earlier in the session, Brent futures bottomed out at $105.15 a barrel before settling at $108.26 a barrel.

September natural gas traded 5.1 cents lower at $3.89 per thousand cubic feet Monday on bearish weather forecasts. Forecasts predict a significant drop in temperatures for the upcoming weeks. Higher temperatures boost the demand for natural gas.

In addition, forecasts predict that Hurricane Irene, the first hurricane of this year's Atlantic hurricane season, is unlikely to disrupt vital production areas in the Gulf of Mexico.

The intraday range for natural gas was $3.853 to $3.928 Monday.

Reformulated gasoline blendstock, or RBOB, lost less than a penny Monday to settle at $2.835 a gallon.

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OEG Wins Series of Contracts

- OEG Wins Series of Contracts

Monday, August 22, 2011
OEG Offshore

OEG Offshore (OEG) has been awarded a series of contracts worth £1.3 million ($2.08 million USD) with Schlumberger, Schilling Robotic, Sub Atlantic and Halliburton.

OEG's Aberdeen design and manufacturing base will supply a Zone 2, A60 fire rated DNV271 integrated module design to house Variable Speed Drives (VSDs) for Schlumberger.

The company will also deliver 11 specialist A60 fire rated, DNV 271 ROV control and maintenance workshop units to Schilling Robotic and Sub Atlantic for various projects around the world. The modules have been designed to meet international standards to allow a high degree of flexibility geographically.

OEG will also deliver specialist Zone 2 test cabins to Halliburton for use in West Africa. The cabins will be used by offshore well service personnel and have been designed and manufactured utilizing OEG's standard engineering cabin design providing commercial and delivery advantages.

OEG's commercial director Craig Russell said, "Providing bespoke design services is an integral part of OEG's offering to the industry locally, and internationally. Our experienced design team work closely with our customers to ensure that every unit specifically meets their exact requirements.

"These latest contract wins are with customers that we have worked with previously, which are testament to our ability to consistently provide a quality product that exceeds our customers' expectations. Establishing a loyal customer base is a result of delivering a focused and personal service and fulfilling customers' orders on time and within budget.

"OEG has continued to develop its international customer base and we are committed to the ongoing expansion of our global network of offices and partner link-ups. We believe that this strategic positioning will ensure that we can continue to provide a service for containers and modules anywhere in the world."

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GL Noble Denton Adds Member to Management Team

- GL Noble Denton Adds Member to Management Team

Monday, August 22, 2011
GL Noble Denton

GL Noble Denton has appointed Peter Russell-Smith to its Management Team as Executive Vice President for Business Development, General Manager.

A qualified engineer and certified management accountant, Peter brings considerable energy industry and business consultancy experience to GL Noble Denton, where he will play a lead role in developing the company's product and service offerings, business development activity and management systems during a period of significant growth.

Peter joins GL Noble Denton from global engineering software provider Intergraph, where he was Senior Vice President for the Asia Pacific region. He has also held international leadership positions at Hewlett Packard and PricewaterhouseCoopers, where he fostered successful business expansion in the divisions for which he was responsible.

Commenting on Peter's appointment, GL Executive Board Member Pekka Paasivaara said, "We are delighted to welcome Peter to the GL Noble Denton Management Team. He has a strong track record in managing business growth, and will make a significant contribution to expanding the company's global operations and client base.

"GL Noble Denton continues to experience exceptional demand for its services, particularly from our growing portfolio of clients in Asia,
Australia, West Africa and the Middle East, where the sector is looking to develop complex oil and gas infrastructures quickly to address rapid growth in the demand for energy. Peter's role will be particularly crucial in helping us further develop business opportunities across the globe."

Added Peter, "This is an exciting time to be joining GL Noble Denton. The company has a strong reputation for providing expert technical
advice and software solutions to the oil and gas industry's elite, and the company is in an excellent position to continue to take advantage of a rapidly expanding market."

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Pulse's New Flexible Riser Monitoring System Scores 100% in Testing

- Pulse's New Flexible Riser Monitoring System Scores 100% in Testing

Monday, August 22, 2011
Pulse Structural Monitoring

A new flexible riser integrity monitoring system from Pulse Structural Monitoring has achieved a 100% success rate in a rigorous and ground breaking dynamic test process.

FlexASSURE uses non-invasive sensors to detect breaks in the tensile armour wires of a flexible riser, building a detailed picture of structural integrity and alerting the user to early signs of deterioration.

It was conceived in response to calls from operators for a reliable means of validating riser integrity in deepwater installations, following a number of riser failures in recent years.

The system, comprising monitoring hardware, a real-time data acquisition system and data processing interface, has been developed, tested and qualified in Brazil, where flexible risers are responsible for transporting approximately 80% of offshore production, amid increasingly challenging conditions.

FlexASSURE can be installed on a new riser to provide integrity assurance throughout its lifetime, or retrofitted to an existing riser where there may be concerns over its remaining life.

The FlexASSURE concept

When a tensile armour wire breaks, load is transferred from this wire to the remaining armour wires. During this event, the flexible riser experiences a sudden movement with axial, rotational and acoustic characteristics, which FlexASSURE detects using a combination of 5 sensors and a sophisticated algorithm.

Extensive testing

The system was extensively qualified over three years, undergoing laboratory and offshore testing before progressing to a full-scale dynamic test, in which it was attached to a riser and subjected to loads representing 100% service life, accounting for 10x safety factor. This activity was monitored in a blind test, in which FlexASSURE detected 100% of the wire breaks, with no false alarms.

Richard Kluth, Managing Director, said, "Measuring the integrity of riser armour cannot be achieved using inspection methods, as the wires are internal to the flexible construction.

"Historically this has made monitoring flexible risers very difficult and, as we have seen from industry reports such as Sureflex, there are increasing concerns over leakage into the annulus and potential corrosion of armour wires.

"With FlexASSURE Pulse has a unique product that can provide early warning detection if the integrity of these critical components is compromised."

Priscilla Elman, Business Development Manager for Pulse in Brazil, said, "Their unique ability to withstand motion and ease of installation make flexible risers a favourable solution compared to conventional rigid risers.

"However, integrity issues have driven demand for effective monitoring systems and riser qualification processes to guarantee operational safety.

"Pulse's test-proven FlexASSURE solution offers operators and fabricators a highly accurate means of managing riser integrity, reducing risk of human, environmental and material losses."

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Transocean Strengthens Management with New Appointments

- Transocean Strengthens Management with New Appointments

Monday, August 22, 2011
Transocean Ltd.

Terry B. Bonno has been promoted to Senior Vice President, Marketing, for Transocean Ltd. She previously served as Vice President, Marketing.

Ms. Bonno has approximately 30 years of industry experience, including 17 years with Global Marine Inc. and Applied Drilling Technology Inc., two subsidiaries of GlobalSantaFe Corporation assumed in a 2007 merger. Her prior service also includes management positions in marketing, accounting and corporate planning functions.

A Certified Public Accountant, Ms. Bonno earned a Bachelor's degree in Business Administration, Accounting, from Stephen F. Austin State University.

In addition, Mark Monroe has been promoted to Vice President, Account Management, for Transocean. Based in Houston, he is responsible for overseeing our relationships with the key U.S. based customers.

Before being named to his new position, Mr. Monroeserved since 2010 as Managing Director, Marketing, responsible for customer relationships with major Customers such as BP, Exxon and Chevron as well as overseeing the development of the company's Customer Focus workshops. He joined a predecessor company Global Marine in 1983 as Manager, London Sales and Contracts and held numerous Marketing positions with Global Marine and GlobalSantaFe. In 2000, he was promoted to Vice President, Sales and Contracts with responsibility for the sales, contracts and marketing of the GlobalSantaFe fleet in North and South America, Southeast Asia and West Africa.

Mr. Monroe serves on the Board of Directors of the Offshore Energy Center, the Advisory Board of Spindletop International and is a member of the IADC (International Association of Drilling Contractors) and SPE (Society of Petroleum Engineers). He earned a Bachelor of Arts, Business Administration, degree from Texas Christian University in Fort Worth in 1976.

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Hamworthy Opens New Service Center in Brazil

- Hamworthy Opens New Service Center in Brazil

Monday, August 22, 2011
Hamworthy plc

Hamworthy is to open a new dedicated service center in Brazil.

The new service center represents a direct investment in a market that has offered sustained growth for the company's oil and gas handling systems and pump systems businesses in recent years.

With offices in Rio and planned workshops and warehousing operations in Macae it will support customers through easy access to spare parts from a domestic warehouse and qualified service personnel for all Hamworthy products, as well as related products and equipment installed onboard. The service center will also offer assistance to domestic yards during the installation and commission stages of construction.

The move, which highlights the company's commitment to Brazil's growing marine and offshore sectors, supports a string of recent orders won by the company.

Hamworthy Oil & Gas Systems was recently awarded a major contract by Brazilian shipyard Estaleiro Promar SA for the design and supply of cargo handling systems for eight liquefied petroleum gas (LPG) carriers destined for operation by Transpetro, a subsidiary of Petrobras. The vessels will be designed by Hamworthy's specialist naval architecture consultancy in Poland, Hamworthy Baltic Design Centre, along with the cargo tanks and cargo handling system.

Hamworthy Oil & Gas Systems recently completed installation of its VIEC (vessel internal electrostatic coealescer) system in the oil separator on Petrobras' Siri offshore installation. Hamworthy was also contracted to supply a complete VIEC system for Brazilian FPSO operator OSX for the OSX-1 FPSO, which will be chartered by owner OGX Petróleo e Gás Ltda for redeployment on Waimea (Block BM-C-41) in the Campos Basin.

Gusto BV (the design, engineering, procurement, project management and consultancy services arm of SBM Offshore,) recently specified seawater lift pumps and electric fire pumps from Hamworthy Pump Systems for installation onboard the Cidade de Paraty floating production storage and offloading (FPSO) vessel, due for delivery in Brazilian waters in 2013. Gusto will operate the FPSO on behalf of Petrobras in the Santos Basin pre-salt area.

Meanwhile, Hamworthy has received an order covering electrically-driven cargo pump systems for eight FPSOs from Brazilian shipyard Engevix Construcões Oceânicas S.A. The equipment will be delivered between 2012 and 2014. These vessels, each with capacity to store 1,600,000 barrels of oil, will be assigned to various field developments in the pre-salt area of Santos Basin.

Hamworthy's deepwell cargo offloading pumps and fire water pump systems were ordered recently by Teekay Operation for an FPSO to be constructed at Samsung Heavy Industries. With capacity to store 800,000 barrels of crude oil, the newbuilding FPSO will enter operation during the first quarter of 2014 in the North Sea's Knarr oil and gas field.

The run of contracts for Brazilian customers has also seen Hamworthy selected to supply equipment for the Papa Terra FPSO for BW Offshore. The company will deliver cargo pump room systems, seawater lift and firewater pumps for the FPSO, which is under conversion at COSCO Dalian, for delivery towards the end of 2011.

"Brazil is a key market for technology companies involved in marine and offshore," said Hans Jakob Buvarp, Managing Director, Hamworthy Brazil. "It is why we are extending our capabilities in terms of local service support and increasing local content supply."

Hamworthy has been present in Brazil since the 1970s, offering products and services through its local partner Tridente. Its new dedicated service centre will provide essential assistance to ship and offshore operators including the provision of spares and service to the growing Brazilian market.

Hamworthy continues to develop its technologies and solutions for offshore applications with its strong marine background, and many of its products are already operating in harsh conditions around the world in mission-critical upstream conditions.

Last year, Hamworthy delivered a fuel gas system to the Statoil operated field, Peregrino, also operating in Brazilian waters. The company said it was also experiencing increased interest from oil companies operating in Brazilian waters for its flare gas recovery and ignition systems that result in reduced emissions

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Exxon Mobil Estimates Oil spill in Yellowstone River will Cost Over $42 Million

- Exxon Mobil Estimates Oil spill in Yellowstone River will Cost Over $42 Million

Aug 22, 2011

Exxon Mobil (NYSE:XOM) Pipeline told federal regulators that its oil pipeline spill into Montana's Yellowstone River will cost an estimated $42.6 million.

The July 1 pipeline break near Laurel spilled about 42,000 gallons, or 1,000 barrels, of crude oil into the scenic waterway.

Exxon Mobil's cost estimate includes $40 million for emergency response work and $2.5 million for damage to public and private property. The company valued the lost oil at $100,000.

The company announced last week that the clean up might continue for several more months.

Exxon Mobil (NYSE:XOM) has a potential upside of 30.6% based on a current price of $70.78 and an average consensus analyst price target of $92.46.

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Ford, Toyota to Collaborate On Developing Hybrid System

- Ford, Toyota to Collaborate On Developing Hybrid System

Aug 22, 2011

The Wall Street Journal reported that Ford Motor Company and Toyota announced they will equally collaborate on the development of an advanced new hybrid system for light truck and SUV customers.

In a statement, Derrick Kuzak, Ford's product development chief said, "This agreement brings together the capability of two global leaders in hybrid vehicles and hybrid technology to develop a better solution more quickly and affordably."

Ford and Toyota have signed a memorandum understanding on the product development collaboration, with the formal agreement expected by next year.

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Honda Civic Design Faults Hurt Its Reputation

- Honda Civic Design Faults Hurt Its Reputation

Aug 22, 2011

Honda (NYSE:HMC) may be a leading manufacturer but its design problems are hurting its reputation. That is evidenced by Consumer Reports decision to pan the Civic, a long time favorite.

Jim Hall, who runs an automotive consulting firm AutoPacific Group, "Customers don't care about how the cars are made. They care how they drive and how they look. If you are doing an exceptional job building a mediocre product, that impresses the industry but not the buyer."

Honda Motor (NYSE:HMC) has a potential upside of 49.7% based on a current price of $30.86 and an average consensus analyst price target of $46.2.

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EXCO Resources Announces Expiration of Shareholder Rights Plan

- EXCO Resources Announces Expiration of Shareholder Rights Plan

Aug 22, 2011

EXCO Resources (NYSE:XCO) announced that its Board of Directors has determine to accelerate the expiration date of its shareholder rights plans from the close of business on January 24, 2012 to the close of business on September 30, 2011.

In January, the company adopted a shareholder rights plan at the direction of the Special Committee of the Board of Directors to enhance the ability to conduct a thorough, deliberative process of exploring the Company's strategic alternatives.

In light of the recent conclusion of the strategic review process, the Board determined that parties who had also previously entered into a confidentiality agreement containing standstill provisions in connection with the strategic review process will be afforded the opportunity to enter into new agreements that would permit the purchase of additional shares of the company's common stock.

The new standstill agreements would expire on September 30, 2011.

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O&G Companies Monitoring Libya As Rebels Roll into Tripoli

- O&G Companies Monitoring Libya As Rebels Roll into Tripoli

Monday, August 22, 2011
Rigzone Staff
by Karen Boman

Oil and gas companies with operations in Libya are monitoring the country's political situation as rebels have taken control of most of Tripoli. A number of companies shut down operations and pulled workers from Libya earlier this year following the uprising against Moammar Qadhafi and resulting civil war.

German oil and gas operator Wintershall said in a statement, "We are monitoring the situation very closely. Our care is continually directed towards our Libyan staff, especially in Tripolis. We hope that the violent conflicts will end soon."

"For safety reasons Wintershall shut down and safely sealed off oil production operations in the desert at the end of February. No oil has been produced there since. Our international employees have been flown out of the country. The local staff who have remained in Libya are looking after the production facilities in the desert."

"At the moment it is too early to predict when, how and under what conditions the production in Libya might begin again. Starting up production could be done within several weeks under standard technical conditions. This of course depends on the state of the export infrastructure as well as a stable security situation in the country."

A spokesperson with Austria-based OMV said the company is monitoring the situation closely, but cannot confirm when its production of 33,000 BOE/d will resume.

When conditions allow, BP intends to resume plans to drill its first exploration well in Libya. The company originally planned to begin drilling in February of this year, but was forced to suspend operations due to the political situation in Libya.

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Mexico's Pemex Finds Light Crude in Shallow Gulf Waters

- Mexico's Pemex Finds Light Crude in Shallow Gulf Waters

Monday, August 22, 2011
Dow Jones Newswires
MEXICO CITY
by Laurence Iliff

Mexico's state-owned oil company Petroleos Mexicanos, or Pemex, said Monday that it successfully carried out production tests at new oil field in the southern Gulf of Mexico.

Pemex said the Kinbe-1 well reached an initial average production of 5,600 barrels of light crude per day. The well took more than a year to drill, and was finished Aug. 9. Kinbe-1 also has reached natural gas production of 9 million cubic feet per day on average, the oil monopoly said.

Pemex said "this new discovery increases the petroleum potential of the zone comprised by the fields Tsimin, Xux and Kab" as part of the company's light-crude marine project. Kinbe-1 was drilled in 22 meters of water.

After six years of steady declines in crude-oil production, Pemex is trying to ramp up output in order to break the slide, but has struggled due to declines at the Cantarell offshore fields that once accounted for more than half of the company's total production. Cantarell's decline has brought Pemex's overall production down to just under 2.6 million barrels a day currently from nearly 3.4 million barrels a day in 2004.

Copyright (c) 2011 Dow Jones & Company, Inc.

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GeoEnpro Drills 2nd Well in Kharsang Drilling Campaign

- GeoEnpro Drills 2nd Well in Kharsang Drilling Campaign

Monday, August 22, 2011
Jubilant Energy N.V.

Jubilant announced that KPL-C, the second of the seven development wells of the Phase-III drilling campaign in the Kharsang Field, Arunachal Pradesh was spudded on August 22, 2011.

The first development well KSG#57 (previously referred to as KPL-A), which was spudded oJuly 28, 2011, has been successfully drilled within budget and time by 15 August 2011. Based on the Wireline log interpretation results, formation pressure data from Sequential Formation Testing and Side Wall Core results, the consortium has identified four separate intervals totaling to 20 meters of net sand for testing. The well KSG#57 will be tested with the smaller capacity work-over rig which was deployed at the site on 21 August 2011. The testing results are expected within 7 to 10 days from the start of the testing.

KPL-C, the second development well is located in the eastern area of the field and is a step out location to target the shallow C-50, D-00 and also deeper Girujan reservoirs. The well will target structurally higher bright amplitude prospects identified by Seismic in this eastern part of the field. The well will be deviated by approximately 712 meters to the ESE direction from the existing plinth of well KSG-39 and a target depth of around 1224 meters True Vertical Depth ("TVD") with the option of continuing to 1598 meters TVD if appropriate. The well is expected to take four weeks to drill and the estimated cost is approximately USD 2.3 million (USD 0.57 million net to Jubilant).

GeoEnpro Petroleum Ltd., a joint venture of GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the operator of the Kharsang Field. Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt Ltd. The other members of the consortium are Oil India Ltd and GeoPetrol.

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Exoma Starts Drilling 5th Well in 2011 Exploration Campaign

- Exoma Starts Drilling 5th Well in 2011 Exploration Campaign

Monday, August 22, 2011
Exoma Energy Ltd.

Exoma announced that the fifth well of its 2011 exploration campaign, Katherine-1, has spudded. The primary target of this well will be Shale Gas in the Toolebuc Formation of the Eromanga Basin in Central Queensland.

After coring the shale, this well will be deepened to test a potential conventional oil play in the underlying Hutton sandstone. The Katherine-1 oil test is a follow up to Toobrac-1, a well drilled in 1985 that discovered oil shows in a thin sand onlapping a basement high. The well is located down-dip on the structure and tests a potential thickening of the reservoir sand observed in the seismic data.

Well Name: Katherine-1
Permit: ATP 999P
Location: Eromanga Basin, approx. 60km SSW of Longreach, Queensland.
Target:
- Primary Target: shale gas in the Toolebuc Formation. The carbonaceous Toolebuc Shale will be cored and the well logged. The shale core will be subject to laboratory analysis to identify source maturity, hydrocarbon type and content, detailed mineralogy, rock properties and permeability.
- Secondary Target: conventional oil in the Hutton sandstone. The Hutton sandstone section will be rotary drilled and logged. If any hydrocarbons are present, the reservoir will be drill stem tested.
Planned Depth: Toolebuc Formation 590 meters; Hutton Sandstone 1189 meters

Exoma has a 50% beneficial interest in both ATP 999P and the Katherine-1 well. CNOOC Galilee Gas is earning its participating interest by a farmin whereby CNOOC will provide the initial $50 million of joint venture expenditures on Exoma's five Gaililee Basin ATP's.

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Engineering Work Underway at Sound Oil's Montemarciano

- Engineering Work Underway at Sound Oil's Montemarciano

Monday, August 22, 2011
Sound Oil plc

Sound Oil announced that its subsidiary Apennine commenced civil engineering works on August 18 at the drilling site for the farm-in exploration well, Casa Tiberi-1, at the Montemarciano permit (75% Sound Oil interest). Drilling operations are expected to commence in the next 90 days and the budgeted cost of the well to the Company is US $1.5 million.

Commenting on the above, Gerry Orbell, Sound Oil's Chairman and Chief Executive said, "Casa Tiberi-1 is the first well that we shall be drilling as operator. The competent person estimated the risk of finding hydrocarbons to be 35% which is relatively low for an exploration well. If successful, the most likely worth to Sound is approximately US $12 million based on the present evidence but I am hoping for the upside which could be worth US $37 million."

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More Than 108.4 Bcf Produced from Shah Deniz Field

- More Than 108.4 Bcf Produced from Shah Deniz Field

Monday, August 22, 2011
Knight Ridder/Tribune Business News
by E.Ismayilov, Trend News Agency, Baku, Azerbaijan

During the first half of 2011, the Azerbaijani Shah Deniz field produced about 3.07 billion cubic meters (more than 108.4 billion cubic feet) of gas and 0.8 million tonnes (6.5 million barrels) of condensate or over 17 million cubic meters of gas per day (about 600 million standard cubic feet per day) and about 35,800 barrels of condensate per day, BP reported.

In 2010, the Shah Deniz field produced about 6.9 billion cubic meters of gas and 1.9 million tons (14.7 million barrels) of condensate. Then, the average daily production at the field was 19 million cubic meters of gas and 40,000 barrels of condensate.

For the full year, it is expected to spend $169.9 million in operating expenditure and $791.6 million in capital expenditure on Shah Deniz activities. In the first half of 2011 Shah Deniz spent $ 86.8 million in operating expenditure and $298.2 million in capital expenditure.

Since the start of Shah Deniz production in late 2006 till the end of the second quarter of 2011 about 56.3 million barrels (7.13 million tonnes) of Shah Deniz condensate was exported to world markets.

Peak production from the Shah Deniz project is forecasted at over 9 billion cubic meters of gas and 50,000 barrels of condensate per day.

According to forecasts, within the second phase of the field's development gas production may be increased to 25 billion cubic meters per year.

Shah Deniz reserves are estimated at an amount of 1.2 trillion cubic meters of gas.

The contract to develop the offshore Shah Deniz field was signed June 4, 1996. Participants to the agreement are: BP (operator) -- 25.5 percent, Statoil -- 25.5 percent, NICO -- 10 percent, Total -- 10 percent, LukAgip -- 10 percent, TPAO -- 9 percent, SOCAR-10 percent.

Copyright (c) 2011, Trend News Agency (Baku, Azerbaijan)

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Hycarbex Resumes Production at Haseeb Gas Field in Pakistan

- Hycarbex Resumes Production at Haseeb Gas Field in Pakistan

Monday, August 22, 2011
American Energy Group Ltd.

The American Energy Group announced that Hycarbex has advised that continuous gas production from the Haseeb Gas Field resumed on July 12, 2011 under the Extended Well Test (EWT) project and the Haseeb #1 Well is currently producing 3.5 million cubic feet of gas per day. According to Hycarbex, the Haseeb #1 Well is expected to reach 15 million cubic feet of gas per day once the commissioning of the gas processing facility is optimally completed. Hycarbex further advised that as of August 11, 2011, around 106 million standard cubic feet has been delivered to Sui Southern Gas Company Limited under the Gas Sale and Purchase Agreement. Hycarbex had previously announced the interruption of the EWT project caused by mechanical problems encountered in the commissioning of the gas processing facility owned and operated by a third party.

The Haseeb Gas Field is a part of the Yasin 2768-7 Block Exploration License in which The American Energy Group, Ltd. owns an 18% royalty. Hycarbex is the operator of the Exploration License and owns a 95% Working Interest. A 5% (carried) Working Interest in the Exploration Block is held by Government Holdings (Pvt) Limited (GHPL). However, during the temporary EWT production phase, Hycarbex holds 75% Working Interest, including the cost obligations related to the EWT production facilities, and GHPL holds 25% Working Interest.

Hycarbex further advised that based upon evaluation of currently available technical data by GSM, USA, the Haseeb Gas Field is estimated to contain 174 billion cubic feet of P90 recoverable reserves, 177 billion cubic feet of P50 recoverable reserves and 196 billion cubic feet of P10 recoverable reserves, however these reserve estimates provided by Hycarbex are subject to further confirmation and full data evaluation after the appraisal program, as approved by the Pakistan Government, including the EWT.

Hycarbex further advised that it intends to undertake additional work in the Yasin 2768-7 Exploration Block outside the Haseeb Discovery area so as to evaluate the productivity potential of the remaining License area. Since its initial license acquisition, Hycarbex has made an investment of approximately US $27 million in petroleum exploration and development in Pakistan, where it has exclusively focused its activities. In addition to the Yasin 2768-7 Block, Hycarbex currently operates two other petroleum exploration licenses (i.e. the Peshawar and Karachi Blocks) and is a working interest owner in two other exploration blocks (i.e. the Zamzama North and Sanjawi Blocks) operated by Heritage Oil Plc. The American Energy Group, Ltd. owns a 2.5% working interest in each of the Zamzama North and Sanjawi Blocks which is a carried interest for the initial 2 wells on the Sanjawi Block and the initial 3 wells on the Zamzama North Block. The American Energy Group, Ltd. has the option to convert its working interest in any well at any time to a 1.5% gross royalty interest free of any exploration costs or operating costs.

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TAMM O&G Briefs on Manning Program

- TAMM O&G Briefs on Manning Program

Monday, August 22, 2011
TAMM O&G Corp.

TAMM O&G have reviewed and approved the Manning heavy oil work program proposed by their farm-in partner.

On March 15, 2011 Cougar Oil and Gas Canada Inc. ("COUGF") entered into a multi-phase farm-in agreement with TAMM to define and develop TAMM's 47 section Manning area heavy oil prospect. The first phase of the farm-in consists of COUGF performing a $2.5 million work program to earn a 30% working interest in the heavy oil prospect. One of the requirements of the farm-in was for COUGF to present for TAMM's review and approval a development plan for the first $2.5 million work program. TAMM management and Board of Directors has reviewed the work program and provided COUGF with the approval to continue.

This work program will be done at no cost and no risk to TAMM and will dramatically increase the value of the Manning heavy oil project. The work program proposed by COUGF will focus on defining the Elkton and Debolt heavy oil prospects and will consist of the following operations;

Multi-well coring program: The target formations, Elkton and Debolt, have been mapped in the Manning area as a result of the numerous deeper conventional wells drilling through the heavy oil prospects but there are very few cores to review in the Manning area. With some areas of the TAMM lands having over 30m of potential oil pay, the core data will provide the foundation of the future development research. The coring program will consist of three to five core holes being drilled to gather Elkton and Debolt samples. The cores will be collected using a preserved technique with the goal of maintaining the original fluid content, fluid distribution, rock wettability and mechanical integrity. The core locations will include the thickest parts of the Elton and Debolt reservoirs in addition to locations which are in close proximity to the eroded edge of the formations which may have improved production qualities. The core date will be used to identify the sweet spots of the Manning heavy oil prospect.
Oil sample analysis/Reservoir study: The long term production potential of the TAMM Manning prospect will be largely dependent on analysis of the Elkton and Debolt oil samples and the completion of additional in-depth reservoir analysis. The viscosity and specific gravity of the oil samples are important indicators to evaluate the oil quality. That information along with the porosity, permeability and reservoir pressure will be used to simulate various primary and secondary production techniques including the utilization of steam and solvents. Small samples of the core will be used to evaluate the movability of the oil contained in the carbonate rock using heat, chemicals and pressure.
Seismic purchase and review: Approximately 85 to 100Km of trade 2D seismic data will be purchased overlying the TAMM Manning prospect. The seismic will be used to confirm structure and to identify the erosional edge of the Elkton and Debolt formations. The seismic will also be used to identify any Bluesky sandstone channels which run through the property which would become a conventional heavy oil project.
Submitting proposal to upgrade prospect from Prospective Resource to Contingent Resource: Using the information collected from the $2.5million work program TAMM will be able to apply to upgrade the quality of the Manning heavy oil prospect to a Contingent Resource. Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.

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Petrofac Touts $2.71B in Revenue, Up 25%

- Petrofac Touts $2.71B in Revenue, Up 25%

Monday, August 22, 2011
Petrofac Ltd.

Petrofac announced its interim results for the six months ended June 30, 2011.

FINANCIAL HIGHLIGHTS

Revenue up 25.2% to US $2,711.1 million (2010 restated: US $2,165.8 million)
Net profit up 6.6% to US $246.3 million (2010 restated: US $231.0 million)
Earnings per share (diluted) up 6.7% to 71.84 cents (2010 restated: 67.31 cents)
Interim dividend up 26.1% to 17.40 cents (10.54 pence) per share (2010: 13.80 cents)
Backlog US $11.4 billion at 30 June 2011 (December 31, 2010: US $11.7 billion; 30 June 2010: US $6.9 billion)
Gross cash balances at 30 June 2011 of US $1.8 billion (December 31, 2010: US $1.1 billion)

Ayman Asfari, Petrofac's group chief executive commented on the interim results:

"We have had a successful year to date, with good operational performance across our portfolio of projects and encouraging progress against our recently announced Integrated Energy Services strategy. We are well on course to deliver like-for-like net profit growth in 2011 of at least 15% and in-line with current market expectations.

"With a strong financial position, a differentiated and competitive offering and a proven track record in project execution, we remain confident of achieving our medium-term growth target of more than doubling our recurring 2010 earnings by 2015."

OPERATIONAL HIGHLIGHTS

Engineering & Construction

Order intake in the year to date of US $1.6 billion with new awards in Algeria, Iraq and Malaysia
Good progress on South Yoloten development, in Turkmenistan: substantially completed construction of temporary facilities and placed the majority of orders for procurement items
Completed the Jihar gas plant in Syria and the In Salah Gas compression facilities and power generation in Algeria Offshore Engineering & Operations
Secured a number of new contracts and extensions, including a contract to provide maintenance services on the Rumaila oilfield in Iraq for BP
Record activity, including on the SEPAT development and upgrade of the FPSO Berantai (formerly the East Fortune) in Malaysia (both being undertaken jointly with E&C)

Engineering, Training Services and Production Solutions

Opened a third Indian office, in Delhi, to support growth in activity levels across the group
Entered into an MOU for a technical training partnership with PETRONAS to develop competency-based training for operations and maintenance personnel in Malaysia
Good progress on Ticleni in Romania, improving production through optimising pump settings, working over wells and bringing back on-stream the first five of many shut-in wells
Agreed to invest up to a further US $75 million in Seven Energy taking our interest up to 24.5%
Selected bidder on Magallanes and Santuario Production Enhancement Contracts in Mexico

Energy Developments

Secured first Risk Service Contract (RSC) in Malaysia, for development of the Berantai field
Acquired FPF3 (formerly the Jasmine Venture), deployed on the Jasmine field in the Gulf of Thailand and leased to Pearl Energy, a subsidiary of Mubadala, and now operated by Offshore Engineering & Operations
Pre-invested in field infrastructure in readiness for future developments, including the acquisition of FPF4 (formerly the Cossack Pioneer)
Cendor phase 2 in Block PM304, offshore Malaysia, progressing to schedule and entered into an MOU with PETRONAS to accelerate the third phase of Block PM304, West Desaru

OUTLOOK

We are confident that we can continue the good progress that we have achieved in Engineering & Construction in the year to date. With high levels of backlog, we have outstanding revenue visibility which should ensure that we report strong growth in our full year revenues and we expect full year net margins to be in line with our medium-term guidance at around 11%.

While Offshore Engineering & Operations activity levels and revenues are expected to continue at record levels, net profit is expected to be lower in the second half of the year, as the first half benefited from significant progress on the SEPAT development and a provision release following completion of a long-term maintenance services contract. Net margins for the full year are expected to be substantially higher than in the prior year.

The second half performance of the Engineering, Training Services and Production Solutions reporting segment is expected to be broadly in line with the first half of the year, albeit with a greater contribution from Production Solutions, as we expect a general improvement in our consultancy and technology businesses and a positive contribution from the Ticleni Production Enhancement Contract.

In Energy Developments, our operational assets are expected to continue to perform broadly in line with the first half, with the exception of the Ohanet RSC, which ends, as expected, in October. On the Berantai field development, we expect the FPSO Berantai to mobilize to the field in early 2012, with first gas from the field expected shortly thereafter.

With a strong financial position, a differentiated and competitive offering and a proven track record in project execution, we are confident that we will continue to deliver superior value for our customers and sector-leading returns for our shareholders.

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Blake International Adds Another Rig to its Fleet

- Blake International Adds Another Rig to its Fleet

Monday, August 22, 2011
Blake International

Blake International has purchased a 3000hp platform rig from Well Services LTD in Trinidad. Blake has renamed the rig the 'Blake Rig 5' and it has a 1 year contract working for PEMEX with a contract value of $25,000,000.00. "This acquisition was essential for us to meet the market's demand for higher horsepower rigs", says Beau Blake, Vice President of Business Development.
>P?The Blake Rig 5 is currently being shipped from Trinidad to Mexico where it will undergo minor refurbishments before beginning its contract with PEMEX.

Blake International owns and operates a fleet of 10 Platform Rigs in the US and Mexico.

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API Expands Fracking Remarks to U.S. Energy Dept.

- API Expands Fracking Remarks to U.S. Energy Dept.

Monday, August 22, 2011
Rigzone Staff
by Barbara Saunders

The federal government should not tell states how to regulate natural gas operations within their borders, the American Petroleum Institute (API) told a U.S. Department of Energy (DOE) panel in formal remarks on the panel's preliminary findings.

"While the industry and states are constantly striving to improve operations, it is important to recognize the strong foundation for shale gas operations that currently exists through robust state regulatory programs in most parts of the country," API said. "Rather than deferring on the proper role of state governments, we recommend the Subcommittee acknowledge the success that has been demonstrated through state-level programs. Regulation of oil and natural gas has been led by states since the inception of the industry and has demonstrated a high degree of capability and flexibility in adapting to changes such as those seen with unconventional gas development. States have created systems that effectively protected the environment, including ground water and drinking water sources."

Other remarks by the industry group included:

"API supports a strong state regulatory framework for natural gas and the dedication of appropriate resources and staff to carry out the regulatory functions. The Subcommittee should defer to the states on the question of how to generate the necessary funding for regulatory programs, rather than making this determination for the states.
"..[W]e are concerned that the Subcommittee did not engage in a gap analysis to determine whether, and to what extent, the items included in its recommendations have been or are being addressed by state and federal regulators, academia, industry or third parties. . . . A benefit-cost analysis is critical to balanced decisions related to the regulation of commercial activity.
"API agrees that the protection of water resources is a top priority for all industry operations including hydraulic fracturing. However, water is a highly regulated commodity subject to the federal Clean Water Act as administered by the federal government and the states. A systems approach is already occurring in most local, state, and interstate jurisdictions due to the many requirements associated with water allocation and management processes. In addition, in most states, there already exists a reasonable manifest system for tracking wastes to their point of disposal. We see little additional value from requiring a manifest for the transportation of fresh water hauls since most water management agencies require reporting of these volumes already. This type of requirement should be reserved for those elements posing the greatest risks."

Among other things, API also protested the DOE panel's proposal to regulate air quality emissions from fracking operations separately. "Shale gas operations are already subject to a myriad of federal (Clean Air Act) and state air emissions regulations that have been in place for many years and continue to evolve," API said. "States must often obtain primacy by having programs as or more stringent than the federal requirements in meeting human health and environmental goals."

API supported the panel's recognition that shale gas provides important energy and economic contributions to the U.S.

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Petro Matad Sees 'Live Oil Shows' at DT-9 Well

- Petro Matad Sees 'Live Oil Shows' at DT-9 Well

Monday, August 22, 2011
Petro Matad Ltd.

Petro Matad announced that the Company's Davsan Tolgoi-9 well ("DT-9") has reached a total depth of 1,766m in metamorphic rocks below the Lower Tsagaantsav objective.

The well penetrated the top of the Lower Tsagaantsav at 1,596m where it encountered sandstone with live oil shows consisting of fast bluish white fluorescent cut. The shows were preceded by elevated gas in the overlying Lower Zuunbayan seal. The well drilled a 132m gross thickness of Lower Tsagaantsav, with 8 meters of net pay averaging 23% porosity within a single principal zone between 1,639 and 1,651m depth

DT-9 was designed to test a Lower Tsagaantsav structural closure within Petro Matad's Shoroo prospect. The Company is preparing future drilling locations in a contiguous part of Shoroo Prospect, where the Lower Tsagaantsav reservoir is 100m higher than at DT-9. The location of this prospect is shown on the map in the website version of the Company's news release of 14 July 2011. The high porosity sandstone with high calculated hydrocarbon saturation in DT-9 provides a well-defined test interval for Petro Matad's on-going testing program.

The exploration drilling rig has now been relocated from DT-9 to the DT-10 location. DT-10 will target a Lower Tsagaantsav primary objective 4.3 km south of DT-9, within a separate structural closure that is 450m higher than DT-9. The structure lies between the Company's Shoroo and Gal prospects in an area that was enhanced by recent reprocessing of the Davsan Tolgoi 3D seismic survey. The DT-10 structure is analogous to producing structures at the Tolson Uul field in Block XIX north of Davsan Tolgoi, and the DT10 closure is situated along the interpreted migration path between DT-9 and the Lower Tsagaantsav oil encountered in the Company's DT-3 well drilled in 2010. DT-10 continues the Company's evaluation of its Lower Tsagaantsav prospect inventory in the western part of the Davsan Tolgoi area of Block XX. DT-10 was spudded at 1300hrs (Mongolian time) on August 21.

Commenting on the results from DT-9, Petro Matad CEO Doug McGay stated "DT-9 is the latest successful well in the Company's Davsan Tolgoi exploration program and we are pleased to note such a good, solid interval of hydrocarbons. The Davsan Tolgoi Shoroo Prospect is now starting to develop very satisfactorily, considering the success of DT-9 and the previously drilled DT-4, together with the recently completed re-mapping of the reprocessed 3D seismic data in this area.

"The Company is now building an appreciable database of new and reprocessed data on Davsan Tolgoi and nearby environs. The mapping and integration of the merged seismic data (reprocessed 3D and 2D, and the 2011 2D) will be combined with this year's drilling and testing results and add knowledge and confidence to the Company's understanding of its assets."

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Noreco to Sell Stake in Flyndre Discovery

- Noreco to Sell Stake in Flyndre Discovery

Monday, August 22, 2011
Norwegian Energy Co. ASA

Norwegian Energy Company (Noreco) has entered an agreement to sell its share of the Flyndre Paleocene discovery to Maersk Oil for a consideration of NOK 19 million.

Flyndre Paleocene is a cross border discovery operated by Maersk Oil, of which the Norwegian part is located in license PL018C where Noreco holds a 13.338 percent interest.

Noreco's estimated share of proved and probable reserves in this discovery is 0.4 million barrels of oil equivalents. The license also contains a discovery in the Cretaceous formation which will be carved out and retained by Noreco.

The Flyndre sale is expected to have a positive accounting effect of approximately NOK 10 million after tax. The transaction and carve out of the Cretaceous formation as a separate production license are subject to approval by Norwegian authorities.

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Hyperdynamics: Drillship En Route to Drilling Site Offshore Guinea

- Hyperdynamics: Drillship En Route to Drilling Site Offshore Guinea

Monday, August 22, 2011
Hyperdynamics Corp.

Hyperdynamics announced that the Jasper Explorer drillship has left its home port in Singapore and is now being mobilized to Hyperdynamics' first exploration drilling site offshore the Republic of Guinea in Northwest Africa.

The initial well, the Sabu-1, is scheduled to begin drilling in October at a site in approximately 700 meters of water. The Sabu-1 will target a four-way anticline prospect with upper Cretaceous sands and is anticipated to be drilled to a total depth of 3,600 meters.

"With the drillship now on its way to West Africa and the majority of the other equipment and services needed for the first two wells contracted for, we are moving closer to testing the resource potential of our shallower-water objectives through the drill bit this fall," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer.

Hyperdynamics is operator of the Guinea project, with a 77 percent participating interest; the remaining 23 percent is held by Dana Petroleum, a wholly owned subsidiary of the Korean National Oil Company. AGR Petroleum Services is providing management services during the drilling phase of the project. The Jasper Explorer is a modern Pelican Class self-propelled drillship capable of operating in water depths up to 1,524 meters.

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GeoEnpro Drills 2nd Well in Kharsang Drilling Campaign

- GeoEnpro Drills 2nd Well in Kharsang Drilling Campaign

Monday, August 22, 2011
Jubilant Energy N.V.

Jubilant announced that KPL-C, the second of the seven development wells of the Phase-III drilling campaign in the Kharsang Field, Arunachal Pradesh was spudded on August 22, 2011.

The first development well KSG#57 (previously referred to as KPL-A), which was spudded oJuly 28, 2011, has been successfully drilled within budget and time by 15 August 2011. Based on the Wireline log interpretation results, formation pressure data from Sequential Formation Testing and Side Wall Core results, the consortium has identified four separate intervals totaling to 20 meters of net sand for testing. The well KSG#57 will be tested with the smaller capacity work-over rig which was deployed at the site on 21 August 2011. The testing results are expected within 7 to 10 days from the start of the testing.

KPL-C, the second development well is located in the eastern area of the field and is a step out location to target the shallow C-50, D-00 and also deeper Girujan reservoirs. The well will target structurally higher bright amplitude prospects identified by Seismic in this eastern part of the field. The well will be deviated by approximately 712 meters to the ESE direction from the existing plinth of well KSG-39 and a target depth of around 1224 meters True Vertical Depth ("TVD") with the option of continuing to 1598 meters TVD if appropriate. The well is expected to take four weeks to drill and the estimated cost is approximately USD 2.3 million (USD 0.57 million net to Jubilant).

GeoEnpro Petroleum Ltd., a joint venture of GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the operator of the Kharsang Field. Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt Ltd. The other members of the consortium are Oil India Ltd and GeoPetrol.

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Anadarko Hits Gas Pay Offshore Mozambique

- Anadarko Hits Gas Pay Offshore Mozambique

Monday, August 22, 2011
Anadarko Petroleum Corp.

Anadarko announced that its Barquentine-2 appraisal well, located in Mozambique's Offshore Area 1 of the Rovuma Basin, encountered more than 230 net feet (70 meters) of natural gas pay in high-quality Oligocene-age reservoirs. Barquentine-2 was the first appraisal well in the Windjammer, Barquentine and Lagosta complex, which is estimated to hold a minimum of 6 trillion cubic feet (Tcf) of recoverable natural gas resources.

"Our first appraisal of the Barquentine discovery matched our expectations, confirming our seismic modeling and providing confidence in our geologic interpretation of this world-class accumulation," Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. "We've also taken a major step toward the development of these substantial resources by awarding contracts for pre-FEED (front-end engineering and design) work for a prospective LNG (liquefied natural gas) plant. We have significant ongoing exploration and appraisal programs in the Rovuma Basin and look forward to advancing this important project that can provide long-term benefits for the people of Mozambique."

The Barquentine-2 appraisal well was drilled to a total depth of approximately 13,500 feet (4,100 meters) in approximately 5,400 feet (1,650 meters) of water using drillship Belford Dolphin. The results of the Barquentine-2 appraisal well, which is located approximately 2 miles (3 km) east-southeast of the Barquentine-1 discovery well, also indicated that the Oligocene reservoirs are in static pressure communication between the wells. The drillship is now being mobilized to the south to drill the Camarão exploration well, which also will serve as an appraisal to the Windjammer discovery.

As mentioned, a subsidiary of Anadarko and co-owners in the Offshore Area 1 awarded contracts to KBR and Technip to perform pre-FEED studies for an LNG plant in Mozambique. The pre-FEED studies are designed to help the partnership further assess the viability of developing an LNG facility to produce and process natural gas from the region.

Anadarko is the operator of the 2.6-million-acre Offshore Area 1 with a 36.5-percent working interest. Co-owners in the area include Mitsui E&P Mozambique Area 1, Limited (20 percent), BPRL Ventures Mozambique B.V. (10 percent), Videocon Mozambique Rovuma 1 Limited (10 percent) and Cove Energy Mozambique Rovuma Offshore, Ltd. (8.5 percent). Empresa Nacional de Hidrocarbonetos, E.P.'s 15-percent interest is carried through the exploration phase.

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Rockhopper Spuds Exploration Well 14/10-7

- Rockhopper Spuds Exploration Well 14/10-7

Monday, August 22, 2011
Rockhopper Exploration plc

Rockhopper announced that the 14/10-7 exploration well (the "Well") was spudded at 0600hrs BST on August 22, 2011. The Well is situated on License PL032, which is 100% owned and operated by Rockhopper.

The Well is located approximately 3.3km to the north west of the 14/10-2 discovery well, just outside of the Sea Lion Discovery Area. The Well is designed to investigate reservoir and hydrocarbon presence towards the northern limit of the currently mapped extent of the Sea Lion Main Complex within an area of relatively low amplitudes. Accordingly, the Sea Lion Main Complex will be the only target, with reservoir expected to be thinner than encountered in the 14/10-2 discovery well.

Drilling operations are expected to take approximately 32 days and a further announcement will be made once drilling is completed.

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SOCO, Partners Tame First Flow from Te Giac Trang Field

- SOCO, Partners Tame First Flow from Te Giac Trang Field

Monday, August 22, 2011
SOCO International plc

SOCO announced the first flow of crude oil and wet gas from the Te Giac Trang Field ('TGT'), which occurred at 0655 local time in Vietnam today. The block is operated on behalf of SOCO and its Partners, PetroVietnam and PTT Exploration and Production Public Company Limited, by the Hoang Long Joint Operating Company ('HLJOC'), which was established in 1999.

The TGT (White Rhineoceros) Field, discovered in August 2005, was approved for the initial development by the Government of Vietnam in September 2009. The development is comprised of a Floating, Production, Storage and Offloading vessel ('FPSO'), two Well Head Platforms (H1 and H4 areas), and a subsea pipeline system to transport hydrocarbons, gas export, gas lift and water for injection.

Crude oil from the TGT Field is transported via a subsea pipeline system to the FPSO 'Armada TGT 1', which has a name plate processing capacity of 55,000 barrels of oil per day ('BOPD'), where it is processed, stored and exported via tankers to regional oil refineries. Gas will be transported through a pipeline to the nearby Bach Ho Facilities for processing and transportation to shore via the existing pipeline infrastructure for further distribution to meet domestic demand. TGT oil output is expected to plateau at approximately 55,000 BOPD and gas production will be approximately 30 million cubic feet per day.

The development of the TGT Field marks a successful investment co-operation milestone in the Vietnam oil and gas industry with the delivery of production within two years of approval.

In addition to starting first production from the TGT Field H1 area, HLJOC continues drilling production wells in the H4 area of the TGT Field and fabricating Platform Topsides in preparation for its petroleum production start-up in August 2012.

Ed Story, President and Chief Executive of SOCO, commented, "We are very pleased to announce first oil from the TGT Field in Vietnam, a key milestone for the Company demonstrating our ability to see our exploration successes through to the production stage. The project always had an ambitious delivery target and we are pleased to have achieved this.

"Our strong partnerships have allowed this significant event at the TGT Field to be realized and we now look forward to targeting further exploration and development success, both in Vietnam and in Africa."

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